Now, it is Finnish company Fortum Corporation. The company has commissioned a 70 MW solar plant at Bhadla Solar Park. This is the company’s third and the biggest commissioned solar energy project, so far.

Fortum had won this capacity in a competitive tender in January 2016 organized by NTPC for a fixed tariff of 4.34 INR ($0.07) per kWh, for 25 years. The Indian utility held the bidding under Phase II, Batch II, Tranche I of the Jawaharlal Nehru National Solar Mission (JNNSM).

With this 70 MW capacity online, Fortum now owns 85 MW solar capacity in India, with three solar power plants in the states of Rajasthan and Madhya Pradesh. It is planning to commission a 100 MW solar power plant in Karnataka during the first half of 2017.

The Finnish company plans to invest €200 to €400 million in solar projects in India. The management wants to spend its own equity to develop the solar pipeline in the Asian nation (see Fortum Without Financing).